From the Field
Qatar to withdraw from OPEC in January
DOHA, December 3, 2018 – Qatar will withdraw from OPEC on January 1, 2019, the country’s top energy official told a news conference on Monday.
Saad Sherida Al Kaabi, who serves as CEO of NOC Qatar Petroleum and minister of state for energy affairs, told a press conference that the withdrawal represents a “technical and strategic” shift aimed at improving the country’s global standing and supporting its long-term strategy.
Al Kaabi emphasised that the move was not political and not linked to the Saudi-led embargo launched against Qatar in June 2017.
Qatar has been an OPEC member for more than 50 years. Its withdrawal announcement comes days ahead of a meeting of OPEC and non-OPEC producers, scheduled to take place in Vienna on Thursday.